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Finance

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1. Define the following in your own words, after reading the chapter:

Finance -

Major Areas and Opportunities in Finance -

Legal Forms of Business Units -

2. How does the job of Finance Manager relate to economics and accounting?

3. What are the primary activities and the decisions required of the Financial Manager?

4. Define the following, in the light of Financial Decision Making:

Goal of the firm -

Corporate Governance -

Role of Ethics -

Agency Issue -

5. Explain what financial institutions and markets are, and what opportunities they offer a Financial Manager in decision making.

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The response address the queries posted in 1408 words with references.

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The response address the queries posted in 1408 words with references.

//Before discussing the major areas and opportunities in finance firstly we will discuss about the term finance. This term will be helpful to understand the opportunities and areas in the finance. After it we will discuss the various legal forms of the business units. I am providing a brief overview on the term finance.\

1.

Finance

The term finance is defined as the branch of art and science to manage the cash or cash equivalent effectively. Finance is that branch of knowledge which is related to the transfer or investment of money between the various individuals or business and financial institutions I.e. Bank, insurance companies, etc. Mainly this area of finance refers to the concepts of time, money and risk and how they are interrelated with each other to manage the financial affairs to any type of business, in order to get manage the financial activities effectively (Groppelli & Nikbakht, 2006).

//Above, we discussed the meaning of term finance. Now as per the requirement we will discuss the major areas and opportunities of finance. Then we will discuss the different legal form of business units.\

Major Areas and Opportunities in Finance

The major areas of finance are:

- Financial services: It is concerned with the design and delivery of advice and financial products to individuals, businesses and government within the areas of banking and related financial institution, personal financial planning, investment, real estate, insurance and so on.

- Financial Management or managerial finance: Financial management as an integral part of the overall management. It is concerned with the duties of the financial managers in the business firms (Groppelli & Nikbakht, 2006).

Legal Forms of Business Units

Legal forms of business units are broadly classified into three heads such as sole proprietorship, partnership and corporations.

- Sole proprietorship: Sole proprietorship is one of the oldest forms of legal form of business unit. In this type of business unit, only owner manages and controls all the business activities and business has no separate legal entity from its employer (Sole Proprietorship).

- Partnership: Partnership is that type of legal form of the business units in which there is relationship between the persons, who are engaged in the business. In this form, every one makes ...

Solution provided by:
Ashish Sharma, MBA (IP)
Education
  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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